Bunge Global SA $BG Shares Sold by Park Avenue Securities LLC

Key Points

• Park Avenue Securities cut its Bunge Global stake by 58.3% in the third quarter, selling 10,956 shares and ending the period with 7,834 shares valued at about $838,000.
• Institutional investors showed mixed activity: Robeco and Sumitomo Mitsui substantially increased holdings, while Bank of New York Mellon initiated a position. Institutions and hedge funds collectively own 86.23% of the company.
• Bunge beat quarterly earnings expectations, reporting EPS of $2.56 versus a $2.41 consensus and revenue of $23.80 billion, up 7.4% year over year. Analysts’ consensus rating was “Moderate Buy,” with a $129.89 average price target.

Park Avenue Securities LLC lowered its position in Bunge Global SA (NYSE:BG - Free Report) by 58.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,834 shares of the basic materials company's stock after selling 10,956 shares during the period. Park Avenue Securities LLC's holdings in Bunge Global were worth $838,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in shares of Bunge Global in the 2nd quarter valued at approximately $266,653,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Bunge Global by 638.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,071,356 shares of the basic materials company's stock valued at $217,777,000 after purchasing an additional 1,790,978 shares in the last quarter. Amundi boosted its position in Bunge Global by 9.4% during the 1st quarter. Amundi now owns 1,186,039 shares of the basic materials company's stock worth $150,853,000 after acquiring an additional 101,942 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Bunge Global by 3,023.7% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 520,120 shares of the basic materials company's stock valued at $54,599,000 after purchasing an additional 503,469 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of Bunge Global by 3.5% in the first quarter. Swiss National Bank now owns 397,200 shares of the basic materials company's stock valued at $50,524,000 after acquiring an additional 13,500 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BG shares. BMO Capital Markets reiterated an "outperform" rating and set a $150.00 price objective on shares of Bunge Global in a research note on Thursday, August 13th. Zacks Research lowered shares of Bunge Global from a "hold" rating to a "strong sell" rating in a research report on Friday, October 30th. JPMorgan Chase & Co. cut their price target on shares of Bunge Global from $140.00 to $139.00 and set an "overweight" rating for the company in a research note on Monday, October 12th. Weiss Ratings upgraded shares of Bunge Global from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, October 27th. Finally, UBS Group lifted their price objective on shares of Bunge Global from $145.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, September 10th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Bunge Global has an average rating of "Moderate Buy" and a consensus target price of $129.89.

Bunge Global Stock Performance

Shares of BG stock opened at $94.80 on Wednesday. Bunge Global SA has a 52 week low of $88.24 and a 52 week high of $134.87. The company has a market capitalization of $18.22 billion, a price-to-earnings ratio of 15.93 and a beta of 0.70. The company has a 50-day simple moving average of $109.96 and a 200 day simple moving average of $116.87. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.65 and a current ratio of 1.50.

Bunge Global (NYSE:BG - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The basic materials company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.15. The firm had revenue of $23.80 billion for the quarter, compared to analysts' expectations of $23.28 billion. Bunge Global had a net margin of 1.24% and a return on equity of 9.34%. The business's revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.27 EPS. On average, sell-side analysts predict that Bunge Global SA will post 9.63 earnings per share for the current year.

Bunge Global Company Profile

Bunge Global SA NYSE: BG is a global agribusiness and food company involved in sourcing, processing and distributing agricultural commodities. Its operations span the agricultural supply chain, connecting farmers with food, feed and fuel customers through a network of origination, storage, transportation and processing facilities.

The company processes oilseeds such as soybeans, canola and sunflower seeds into vegetable oils and protein meals used in cooking, packaged foods, animal feed and renewable fuels.

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